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U.S. p&c insolvencies drop in 2003 on price corrections

March 5, 2004 by Canadian Underwriter

Rising premiums in both the commercial and personal lines p&c sectors led to the lowest level of insurer insolvency in the U.S. since 1998, says rating agency Standard & Poor’s. Reporting on 2003 yearend figures, S&P says a total of

News InsuranceMergers and Aqcuisitions

Sedans luring thieves: Crime Bureau

March 1, 2004 by Canadian Underwriter

Thieves are targeting sedans, including older model vehicles, for parts, says a new report by the U.S. National Insurance Crime Bureau (NICB).The non-profit organization, which was established to fight vehicle theft and insurance fraud, looked at the most stolen vehicles

News Insurance

Sedgwick Claims opens Canadian office

February 25, 2004 by Canadian Underwriter

Memphis-based Sedgwick Claims Management Services Inc. is taking on the Canadian market with the opening of Sedgwick CMS Canada Inc., the first move outside the U.S. for Sedgwick.The new office will be based in Mississauga, Ontario, and will be headed

News Climate ChangeInsurance

WTC “occurrence” trial will not affect ratings

February 20, 2004 by Canadian Underwriter

Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide

News InsuranceMergers and Aqcuisitions

SGI gives break to commercial auto policyholders

February 20, 2004 by Canadian Underwriter

Following on its “safe driver recognition program”, Saskatchewan Government Insurance (SGI) is planning to offer discounts to its commercial clients.SGI predicts that during the first year of the program, about $2.8 million in policy discounts based on safe driving records

News Climate ChangeInsurance

ICLR study casts light on government role in disaster mitigation

February 19, 2004 by Canadian Underwriter

A new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services

News Insurance

“No return to a soft market” for real estate risks, Willis cautions

February 18, 2004 by Canadian Underwriter

In a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of

News Insurance

Hub acquires Ontario commercial accounts

February 17, 2004 by Canadian Underwriter

Chicago- based broker consolidator Hub International Ltd. has acquired the book of business of an Ontario broker specializing in commercial agriculture accounts.The book, that of broker and producer Martin Kir, is estimated to produce annual revenue of US$270,000. Kir now

News Insurance

High-seas piracy continues to grow

February 6, 2004 by Canadian Underwriter

While the modern version of piracy may be a far cry from Pirates of the Caribbean, the incidence of pirate attacks continues to grow, says the International Maritime Bureau (IMB). The division of the International Chamber of Commerce (ICC) says

News Climate ChangeInsurance

Cat securitizations up slightly in 2003

February 5, 2004 by Canadian Underwriter

There was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in

News Insurance

U.S. p&c reserves still a thorn in industry’s side

February 2, 2004 by Canadian Underwriter

Just as U.S. p&c insurers disclose fourth quarter reserve charges, Moody’s Investors Service says the industry remains woefully under-reserved.In a study of the top 50 p&c insurers and reinsurers, Moody’s noted that commercial liability lines continue to be significantly under-reserved

News Insurance

Political risks a US$800 billion drain on world economy: Aon

January 29, 2004 by Canadian Underwriter

With the release of its annual "Political and Economic Risk Map", global broker Aon Corp. estimates political risks cost the world economy US$800 billion last year, the equivalent of a 0.25% tax on global GDP growth.The losses come from reduced